Citi has elevated US personal banking chief Gonzalo Luchetti to group CFO from March 2026, while outgoing finance head Mark Mason shifts into a senior advisory role as the bank reshapes its US retail and cards business.
Citigroup has named Gonzalo Luchetti, its Head of US Personal Banking, as successor to long-serving CFO Mark Mason as the bank reshapes its US consumer operations and prepares for a pivotal Investor Day in 2026.
Luchetti will take over as CFO in early March 2026, after Citi files its 2025 year end results. Mason will remain in post until then, before moving into a transitional role as Executive Vice Chair and Senior Executive Advisor to Chair and CEO Jane Fraser.
Luchetti has led Citi’s US Personal Banking business since 2021, overseeing its cards, retail and lending franchises. Under his leadership the division has delivered 12 consecutive quarters of positive operating leverage and generated a 14.5% return on tangible common equity (RoTCE) in the third quarter of 2025, with RoTCE of 13% year to date, more than double the prior year.
During that period he has driven the digitisation of Citi’s card franchises, modernised its US branch network and strengthened risk and controls across the business, according to the bank. Citi has positioned the move as part of its push to improve returns from core consumer and wealth activities while simplifying its global footprint.
Fraser said she was looking for a CFO with “superb financial acumen” who is strategically minded, data driven and an “excellent operator”, with a track record of balancing growth and returns with prudent balance sheet and credit risk management. She described Luchetti as the partner she wanted as Citi “charts the next chapter” of its strategy.
Luchetti joined Citi in 2006 and has held leadership roles across multiple businesses, including finance and strategy posts in different regions. Before Citi, he worked at JPMorgan Chase and consultancy Bain & Company, giving him experience across both banking operations and strategic advisory work.
Mason to stay through transition
Mason, who became CFO in 2019 after joining Citi in 2001, will move into an advisory role after stepping down, with responsibility for supporting strategic initiatives and preparing the firm for Investor Day. He plans to pursue leadership opportunities outside Citi once his advisory stint ends and is expected to leave the group by the end of 2026.
Over more than two decades at Citi, Mason has held a series of senior roles including CFO of the Institutional Clients Group, CEO of Citi Private Bank, CEO of Citi Holdings, and CFO and Head of Strategy and M&A for Wealth Management. As group CFO he has been closely associated with Fraser’s multi year transformation programme, including the exit from a number of international consumer markets, a sharper focus on institutional and wealth management growth, and efforts to lift returns towards Citi’s 2026 target.
Fraser praised Mason as a “leader for all seasons” who helped Citi navigate “some of our most challenging times” and as a driving force behind its ongoing transformation and focus on shareholder returns. Mason said serving as CFO had been one of the most demanding and fulfilling chapters of his career, highlighting the work done to reorient Citi’s strategy and build a track record of delivering on commitments to investors.
Reshaping US consumer and cards alongside the succession
The CFO succession is being announced alongside a reorganisation of Citi’s US personal banking structure. The US Retail Bank and Citigold tiers will be integrated into Citi’s Wealth business, with Everyday Banking, Citi Priority, Citigold and Citigold Private Client consolidated under a single group led by Kate Luft, who becomes Head of US Retail Banking and Citigold reporting to Wealth head Andy Sieg.
At the same time, Citi will combine its Branded Cards and Retail Services units into a new US Consumer Cards business, which will sit as one of the bank’s five core divisions. The unit, which serves more than 70 million US customers and includes major co branded partnerships with American Airlines and Costco, will be led by Pam Habner, currently Head of Branded Cards and Lending. She will report directly to Fraser and join the firm’s Executive Management Team.
Citi said the structural changes, together with the CFO transition, are intended to put the “next generation of leaders” in place as it heads into Investor Day and works towards its 2026 return target, with consumer cards and wealth placed at the centre of its strategy.
